The Ministry of Finance is in the midst of drafting amendments to the Corporate Income Tax Law. Some of the draft amendments reported are as follows:
|-||CIT rate to be reduced to 23%;|
|-||cap on deductible advertisement and promotion expenses to be increase from 10% to 15%;|
|-||discounts granted on payments to be fully deductible;|
|-||thin capitalization rules of 4:1 (10:1 for credit institutions) to apply from 2016; and|
|-||contributions (capped) to voluntary pension funds to be deductible.|
If implemented, the changes are expected to take effect from 1 January 2014 unless otherwise stated.
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